FS Credit Income Fund (FCREX) NPORT-P FS Credit Income Fund (Jul 2020 report)

FS Credit Income Fund

Unaudited Schedule of Investments

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
Senior Secured Loans—First Lien—15.6%
Academy, Ltd., L+400, 1.0% Floor, 7/1/22	(d)	Retail	$	439	$	357		$	393
Advantage Sales & Marketing, Inc., L+325, 1.0% Floor, 7/23/21	(d)	Advertising		2,431		2,265			2,314
AHP Health Partners, Inc., L+450, 1.0% Floor, 6/30/25	(d)	Healthcare-Services		1,175		1,141			1,169
Algoma Steel, Inc., L+850, 1.5% Floor, 12/1/25	(d)	Iron/Steel		589		585			456
Amneal Pharmaceuticals, LLC, L+350, 5/4/25	(d)	Pharmaceuticals		423		397			399
Apergy Corp., L+500, 1.0% Floor, 6/3/27	(d)	Oil & Gas		4,355		4,119			4,306
California Resources Corp., L+475, 1.0% Floor, 12/31/22	(d) (e) (f)	Oil & Gas		2,926		2,670			1,129
Comet Bidco Limited, L+500, 1.0% Floor, 9/30/24	(d)	Commercial Services		747		720			599
CONSOL Energy, Inc., L+450, 1.0% Floor, 9/27/24	(d)	Coal		174		177			143
Cornerstone OnDemand, Inc., L+425, 4/22/27	(d)	Software		740		718			735
Dex Media, Inc., L+900, 1.0% Floor, 12/29/23	(d) (g)	Software		2,493		2,410			2,341
Digicel International Finance Limited, L+325, 5/28/24	(d)	Telecommunications		713		588			616
DynCorp International, Inc., L+600, 1.0% Floor, 8/18/25	(d)	Commercial Services		842		820			815
East Valley Tourist Development Authority, L+800, 1.0% Floor, 3/7/22	(d)	Entertainment		1,048		1,048			938
Endo Luxembourg Finance Co. I S.a r.l., L+425, 0.8% Floor, 4/29/24	(d)	Pharmaceuticals		969		895			931
Gateway Casinos & Entertainment Limited, L+300, 12/1/23	(d) (g)	Entertainment		242		195			195
Green Energy Partners/Stonewall LLC, L+550, 1.0% Floor, 11/12/21	(d)	Electric		1,810		1,481			1,600
Holland & Barrett International, E+425, 9/2/24	(d)	Retail	€	400		459			353
Hummel Station, LLC, L+375, 4/27/22	(d)	Oil & Gas	$	773		688			708
Hummel Station, LLC, L+600, 1.0% Floor, 10/27/22	(d)	Oil & Gas		65		60			60
Hummel Station, LLC, L+600, 1.0% Floor, 10/27/22	(d)	Oil & Gas		160		144			147
Hummel Station, LLC, L+375, 4/27/22	(d) (h)	Oil & Gas		66		66			67
Hummel Station, LLC, L+375, 4/27/22	(d)	Oil & Gas		47		42			42
Hummel Station, LLC, L+375, 4/27/22	(d) (h)	Oil & Gas		36		36			37
Illuminate Buyer, LLC, L+400, 6/30/27	(d)	Chemicals		440		429			436
Jo-Ann Stores, Inc., L+500, 1.0% Floor, 10/20/23	(d) (g)	Retail		1,836		1,444			1,368
Kirk Beauty One GmbH, E+325, 8/12/22	(d)	Retail	€	970		955			920
Lightstone Holdco, LLC, L+375, 1.0% Floor, 1/30/24	(d) (g)	Electric	$	4,208		3,483			3,595
Lightstone Holdco, LLC, L+375, 1.0% Floor, 1/30/24	(d) (g)	Electric		237		196			203
Mileage Plus Holdings LLC, L+525, 1.0% Floor, 6/21/27	(d)	Airlines		505		495			505
Montreign Resort Casino, L+225, 3/22/21	(d)	Entertainment		625		574			583
Northwest Fiber, LLC, L+550, 4/30/27	(d)	Internet		2,745		2,633			2,726
Patterson Medical Holdings, Inc., L+475, 1.0% Floor, 8/29/22	(d)	Pharmaceuticals		614		600			562
Playtika Holding Corp., L+600, 1.0% Floor, 12/10/24	(d)	Entertainment		873		857			882
Quorum Health Corp., L+825, 1.0% Floor, 4/29/25	(d)	Healthcare-Services		1,015		1,008			944
Rent-A-Center, Inc., L+450, 8/5/26	(d)	Commercial Services		888		879			875
Seadrill Partners Finco LLC, L+600, 1.0% Floor, 2/21/21	(d)	Oil & Gas		1,378		1,289			211
Summer (BC) Lux Consolidator S.C.A., L+475, 12/4/26	(d)	Advertising		96		84			89
Syncsort, Inc., L+625, 8/16/24	(d)	Software		550		537			536
Tibco Software Inc., L+375, 6/30/26	(d)	Software		152		152			147
TopGolf International, Inc., L+550, 2/8/26	(d) (g)	Leisure Time		1,075		1,068			1,027
UTEX Industries Inc., P+500, 1.0% Floor, 5/22/21	(d) (e)	Miscellaneous Manufacturer		606		591			169
Verscend Holding Corp., L+450, 8/27/25	(d)	Commercial Services		687		644			686
Total Senior Secured Loans—First Lien						39,999			36,957
Unfunded Loan Commitments						(102	)		(102	)
Net Senior Secured Loans—First Lien						39,897			36,855
Senior Secured Loans—Second Lien—1.2%
California Resources Corp., L+1038, 1.0% Floor, 12/31/21	(d) (g)	Oil & Gas		440		18			19
California Resources Corp., L+900, 1.0% Floor, 1/15/21	(d) (i)	Oil & Gas		1,734		1,717			1,717

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
DG Investment Intermediate Holdings 2, Inc., L+675, 0.8% Floor, 2/2/26	(d)	Engineering & Construction	$	290	$	289	$	268
Metro-Goldwyn-Mayer Inc., L+450, 1.0% Floor, 7/3/26	(d)	Media Entertainment		388		354		376
NeuStar, Inc., L+800, 1.0% Floor, 8/8/25	(d)	Computers		260		251		202
Onex TSG Holdings II Corp., L+850, 1.0% Floor, 7/31/23	(d)	Healthcare-Services		320		320		251
UTEX Industries Inc., L+725, 1.0% Floor, 5/22/22	(d) (e)	Miscellaneous Manufacturer		728		722		96
Total Senior Secured Loans—Second Lien						3,671		2,929
Senior Secured Bonds—21.4%
1011778 BC ULC / New Red Finance Inc., 5.0%, 10/15/25	(j) (k)	Retail		1,051		1,072		1,081
Altice Financing SA, 7.5%, 5/15/26	(j) (k)	Media Entertainment		728		630		784
Altice France Holding SA, 8.0%, 5/15/27	(k)	Telecommunications	€	1,215		1,420		1,544
Altice France SA, 8.1%, 2/1/27	(j) (k)	Telecommunications	$	213		237		238
Altice France SA, 5.5%, 1/15/28	(j)	Telecommunications		513		513		542
Altice France SA, 3.4%, 1/15/28	(k)	Telecommunications	€	769		787		889
BCD Acquisition, Inc., 9.6%, 9/15/23	(j) (k)	Auto Manufacturers	$	1,703		1,741		1,674
Builders FirstSource, Inc., 6.8%, 6/1/27	(j) (k)	Building Materials		134		142		148
Burlington Coat Factory Warehouse Corp., 6.3%, 4/15/25	(j) (k)	Retail		781		804		837
California Resources Corp., 8.0%, 12/15/22	(e) (f) (k)	Oil & Gas		54		2		1
California Resources Corp., 8.0%, 12/15/22	(e) (f) (j) (k)	Oil & Gas		3,460		136		68
Calpine Corp., 5.3%, 6/1/26	(j) (k)	Electric		262		269		273
Carnival Corp., 10.5%, 2/1/26	(j)	Leisure Time		936		939		971
Colt Merger Sub, Inc., 6.3%, 7/1/25	(j) (k)	Entertainment		627		627		657
CSI Compressco LP/CSI Compressco Finance, Inc., 7.5%, 4/1/25	(j) (k)	Oil & Gas Services		841		844		721
Dell International LLC/EMC Corp., 8.1%, 7/15/36	(j) (k)	Computers		431		543		586
Dell International LLC/EMC Corp., 4.9%, 10/1/26	(j) (k)	Computers		246		261		277
Dell International LLC/EMC Corp., 6.1%, 7/15/27	(j) (k)	Computers		416		415		493
Dell International LLC/EMC Corp., 6.2%, 7/15/30	(j) (k)	Computers		250		249		305
Denbury Resources, Inc., 7.8%, 2/15/24	(e) (f) (j)	Oil & Gas		274		17		116
Denbury Resources, Inc., 9.3%, 3/31/22	(e) (f) (j)	Oil & Gas		1,287		1,247		548
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.8%, 5/25/24	(j)	Telecommunications		2,367		2,325		2,394
Eagle Bulk Shipco LLC, 8.3%, 11/28/22	(k)	Transportation		934		940		882
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.5%, 7/31/27	(j) (k)	Pharmaceuticals		1,016		1,026		1,097
Frontier Communications Corp., 8.5%, 4/1/26	(e) (f) (j) (k)	Telecommunications		3,519		3,325		3,470
Frontier Communications Corp., 8.0%, 4/1/27	(e) (f) (j) (k)	Telecommunications		489		500		507
G-III Apparel Group Ltd., 7.9%, 8/15/25	(g)	Distribution/Wholesale		1,021		1,021		1,035
Gateway Casinos & Entertainment Ltd., 8.3%, 3/1/24	(j) (k)	Entertainment		335		347		263
Hudbay Minerals, Inc., 7.6%, 1/15/25	(j) (k)	Mining		1,143		1,155		1,160
Jerrold Finco Plc, 4.9%, 1/15/26		Diversified Financial Services	£	567		743		690
JW Aluminum Continuous Cast Co., 10.3%, 6/1/26	(j) (k)	Mining	$	1,216		1,239		1,272
KME AG, 6.8%, 2/1/23		Mining	€	100		107		80
L Brands, Inc., 6.9%, 7/1/25	(j) (k)	Retail	$	1,082		1,082		1,167
L Brands, Inc., 6.9%, 11/1/35	(k)	Retail		1,080		994		1,037
L Brands, Inc., 6.8%, 7/1/36	(k)	Retail		550		452		533
LCPR Senior Secured Financing DAC, 6.8%, 10/15/27	(j) (k)	Media Entertainment		388		391		420
Live Nation Entertainment, Inc., 6.5%, 5/15/27	(j) (k)	Entertainment		1,927		1,969		2,074
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.5%, 6/20/27	(j) (k)	Airlines		1,264		1,248		1,312
Navistar International Corp., 9.5%, 5/1/25	(j)	Auto Manufacturers		519		519		594
Northern Oil and Gas, Inc., 8.5%, 5/15/23 (8.5% Cash + 1.0% PIK)		Oil & Gas		25		26		21
Pacific Drilling SA, 8.4%, 10/1/23	(j) (k)	Oil & Gas		749		670		163
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(j) (k)	Pharmaceuticals		1,992		2,036		2,121
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.5%, 6/1/25	(j) (k)	Real Estate Investment Trusts		1,767		1,771		1,889

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.3%, 1/15/28	(j) (k)	Commercial Services	$	416	$	416	$	434
Punch Taverns Finance, 5.3%, 3/30/24	(k)	Retail	£	202		274		259
QVC, Inc., 4.4%, 3/15/23	(k)	Retail	$	347		315		363
QVC, Inc., 4.5%, 2/15/25	(k)	Retail		365		330		378
QVC, Inc., 4.8%, 2/15/27	(k)	Retail		176		155		181
Royal Caribbean Cruises Ltd., 11.5%, 6/1/25	(j) (k)	Leisure Time		1,854		1,817		2,044
Royal Caribbean Cruises Ltd., 10.9%, 6/1/23	(j) (k)	Leisure Time		388		390		409
Solocal Group, 8.0%, 3/15/22 (3 mo. EURIBOR + 7.0%)	(l)	Internet	€	1,822		2,086		1,476
Summer (BC) Holdco B S.a r.l., 5.8%, 10/31/26		Advertising		280		308		319
Talen Energy Supply LLC, 7.6%, 6/1/28	(j)	Electric	$	310		310		325
Talen Energy Supply LLC, 6.6%, 1/15/28	(j) (k)	Electric		1,000		982		1,007
Teekay Corp., 9.3%, 11/15/22	(j) (k)	Transportation		1,223		1,223		1,200
Teva Pharmaceutical Finance Netherlands III B.V., 6.0%, 4/15/24	(k)	Pharmaceuticals		508		510		538
Unique Pub Finance Co. Plc, 5.7%, 6/30/27		Real Estate	£	117		169		159
Urban One, Inc., 7.4%, 4/15/22	(j) (k)	Media Entertainment	$	717		702		639
Vantage Drilling Intl, 9.3%, 11/15/23	(j) (k)	Oil & Gas		2,580		2,540		1,674
Viking Cruises Ltd., 13.0%, 5/15/25	(j) (k)	Leisure Time		1,073		1,045		1,172
Wyndham Destinations, Inc., 6.6%, 7/31/26	(j) (k)	Lodging		331		331		343
Wyndham Destinations, Inc., 4.6%, 3/1/30	(j) (k)	Lodging		704		710		649
Yell Bondco Plc, 8.5%, 5/2/23	(k)	Internet	£	255		298		126
Total Senior Secured Bonds						51,692		50,629
Unsecured Bonds—51.0%
Accor SA, 4.4% 1/30/24 (fixed, converts to FRN on 1/30/24)	(k) (m)	Lodging	€	1,100	$	1,044	$	1,242
AG Merger Sub II, Inc., 10.8%, 8/1/27	(j) (k)	Diversified Financial Services	$	463		463		471
AHP Health Partners, Inc., 9.8%, 7/15/26	(j) (k)	Healthcare-Services		1,231		1,164		1,312
Aker BP ASA, 4.8%, 6/15/24	(j) (k)	Oil & Gas		445		414		456
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.6%, 1/15/27	(j) (k)	Food		425		390		450
ArcelorMittal SA, 7.3%, 10/15/39	(k)	Iron/Steel		374		442		491
Aruba Investments, Inc., 8.8%, 2/15/23	(j) (k)	Chemicals		1,389		1,415		1,432
Ball Corp., 4.0%, 11/15/23	(k)	Packaging & Containers		209		221		223
Bausch Health Companies, Inc., 6.3%, 2/15/29	(j) (k)	Pharmaceuticals		1,697		1,697		1,805
Bausch Health Companies, Inc., 7.0%, 1/15/28	(j) (k)	Pharmaceuticals		151		159		164
Bausch Health Companies, Inc., 7.3%, 5/30/29	(j) (k)	Pharmaceuticals		640		709		705
Bausch Health Companies, Inc., 5.0%, 1/30/28	(j) (k)	Pharmaceuticals		627		632		631
Bausch Health Companies, Inc., 5.3%, 1/30/30	(j) (k)	Pharmaceuticals		503		510		514
Boardwalk Pipelines LP, 4.8%, 5/3/29	(k)	Pipelines		329		339		358
Boardwalk Pipelines LP, 4.5%, 7/15/27	(k)	Pipelines		279		285		298
Buckeye Partners LP, 4.2%, 7/1/23	(k)	Pipelines		44		41		44
Buckeye Partners LP, 4.4%, 10/15/24	(k)	Pipelines		177		154		178
Buckeye Partners LP, 4.0%, 12/1/26	(k)	Pipelines		928		819		924
Buckeye Partners LP, 4.1%, 12/1/27	(k)	Pipelines		125		113		122
Buckeye Partners LP, 4.1%, 3/1/25	(j) (k)	Pipelines		156		143		157
Buckeye Partners LP, 4.5%, 3/1/28	(j) (k)	Pipelines		147		133		147
California Resources Corp., 6.0%, 11/15/24	(e) (f) (k)	Oil & Gas		83		3		2
California Resources Corp., 5.5%, 9/15/21	(e) (f) (k)	Oil & Gas		253		11		7
Camaieu New, 8.0%, 7/15/22		Apparel	€	46		51		2
CCO Holdings LLC / CCO Holdings Capital Corp., 5.5%, 5/1/26	(j) (k)	Media Entertainment	$	674		704		714
CCO Holdings LLC/CCO Holdings Capital Corp., 5.4%, 6/1/29	(j) (k)	Media Entertainment		1,912		2,035		2,096
CDK Global, Inc., 5.3%, 5/15/29	(j) (k)	Software		192		200		210
Cenovus Energy, Inc., 5.4%, 7/15/25		Oil & Gas		502		502		503
Centene Corp., 4.3%, 12/15/27	(g)	Healthcare-Services		89		95		95
Centene Corp., 4.3%, 12/15/27	(g) (j)	Healthcare-Services		89		95		95
Centene Corp., 5.4%, 6/1/26	(j) (k)	Healthcare-Services		423		447		453

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Central Garden & Pet Co., 5.1%, 2/1/28	(k)	Household Products/Wares	$	568	$	561	$	603
Cheniere Energy Partners LP, 4.5%, 10/1/29		Pipelines		360		260		381
Cheniere Energy Partners LP, 5.6%, 10/1/26	(k)	Pipelines		1,473		1,464		1,558
Colt Merger Sub, Inc., 8.1%, 7/1/27	(j) (k)	Entertainment		746		746		761
CSC Holdings LLC, 5.5%, 5/15/26	(j) (k)	Media Entertainment		514		535		540
CSC Holdings LLC, 6.5%, 2/1/29	(j) (k)	Media Entertainment		1,543		1,639		1,770
EIG Investors Corp., 10.9%, 2/1/24	(k)	Internet		453		459		465
Endeavor Energy Resources LP / EER Finance, Inc., 6.6%, 7/15/25	(j) (k)	Oil & Gas		466		466		490
Endeavor Energy Resources LP / EER Finance, Inc., 5.5%, 1/30/26	(j) (k)	Oil & Gas		1,287		1,266		1,297
Endeavor Energy Resources LP / EER Finance, Inc., 5.8%, 1/30/28	(j) (k)	Oil & Gas		128		110		132
Eramet, 5.9%, 5/21/25	(k)	Mining	€	500		558		470
ESH Hospitality, Inc., 4.6%, 10/1/27	(j) (k)	Real Estate Investment Trusts	$	828		795		798
Fidelity & Guaranty Life Holdings, Inc., 5.5%, 5/1/25	(j) (k)	Insurance		527		583		581
First Quantum Minerals Ltd., 7.3%, 4/1/23	(j) (k)	Mining		207		187		208
First Quantum Minerals Ltd., 6.5%, 3/1/24	(j) (k)	Mining		404		342		397
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(k)	Auto Manufacturers		205		184		209
Ford Motor Credit Co. LLC, 4.1%, 8/4/25	(k)	Auto Manufacturers		231		201		237
Ford Motor Credit Co. LLC, 4.4%, 1/8/26	(k)	Auto Manufacturers		511		457		526
Ford Motor Credit Co. LLC, 5.1%, 5/3/29	(g) (k)	Auto Manufacturers		1,294		1,296		1,381
Ford Motor Credit Co. LLC, 4.5%, 8/1/26	(k)	Auto Manufacturers		1,848		1,694		1,906
Freeport-McMoRan, Inc., 4.6%, 8/1/30		Mining		169		169		181
Freeport-McMoRan, Inc., 4.4%, 8/1/28		Mining		169		169		180
Freeport-McMoRan, Inc., 4.3%, 3/1/30	(k)	Mining		231		229		242
Freeport-McMoRan, Inc., 4.1%, 3/1/28	(k)	Mining		264		262		278
Frontier California, Inc., 6.8%, 5/15/27	(e) (k)	Telecommunications		40		37		37
Frontier Communications Corp., 7.6%, 4/15/24	(e) (f) (k)	Telecommunications		411		243		139
Frontier Communications Corp., 6.9%, 1/15/25	(e) (f) (k)	Telecommunications		719		424		226
Frontier Communications Corp., 10.5%, 9/15/22	(e) (f) (k)	Telecommunications		1,549		912		544
Frontier Communications Corp., 11.0%, 9/15/25	(e) (f) (k)	Telecommunications		949		496		341
Frontier Florida LLC, 6.9%, 2/1/28	(e) (k)	Telecommunications		1,971		1,827		1,806
Frontier North, Inc., 6.7%, 2/15/28	(e) (f) (k)	Telecommunications		5,019		4,754		4,485
Garrett LX I Sarl / Garrett Borrowing LLC, 5.1%, 10/15/26	(k)	Auto Parts & Equipment	€	113		119		107
Genesis Energy LP / Genesis Energy Finance Corp., 6.5%, 10/1/25	(k)	Pipelines	$	79		56		73
Genesis Energy LP / Genesis Energy Finance Corp., 6.3%, 5/15/26	(k)	Pipelines		885		759		835
Genesis Energy LP / Genesis Energy Finance Corp., 7.8%, 2/1/28	(k)	Pipelines		2,039		1,978		1,968
Genesis Energy LP / Genesis Energy Finance Corp., 6.0%, 5/15/23	(k)	Pipelines		7		5		7
HCA, Inc., 5.9%, 2/1/29	(k)	Healthcare-Services		455		492		555
HCA, Inc., 5.6%, 9/1/28	(k)	Healthcare-Services		485		540		579
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.9%, 9/1/25	(j) (k)	Pharmaceuticals		1,579		1,593		1,719
Hexion, Inc., 7.9%, 7/15/27	(j) (k)	Chemicals		1,372		1,308		1,348
Hilton Domestic Operating Co., Inc., 5.4%, 5/1/25	(j) (k)	Lodging		326		326		341
Hilton Domestic Operating Co., Inc., 5.8%, 5/1/28	(j) (k)	Lodging		742		755		795
HLF Financing Sarl LLC/Herbalife International, Inc., 7.3%, 8/15/26	(j) (k)	Pharmaceuticals		817		832		859
Hyatt Hotels Corp., 5.4%, 4/23/25	(k)	Lodging		240		241		258
Hyatt Hotels Corp., 5.8%, 4/23/30	(k)	Lodging		400		417		456
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.0%, 7/1/28	(j) (k)	Chemicals		1,710		1,710		1,836
Informa Plc, 1.3%, 4/22/28	(k)	Media Entertainment	€	203		204		222
Intesa Sanpaolo SpA, 7.7% 9/17/25 (fixed, converts to FRN on 9/17/25)	(j) (m)	Commercial Banks	$	444		461		456

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
JPMorgan Chase & Co., 5.0% 8/1/24 (fixed, converts to FRN on 8/01/24)	(k) (m)	Commercial Banks	$	681	$	559	$	686
JPMorgan Chase & Co., 4.6% 2/1/25 (fixed, converts to FRN on 2/01/25)	(k) (m)	Commercial Banks		399		348		387
Kraft Heinz Foods Co., 4.3%, 3/1/31	(j) (k)	Food		631		640		698
Kraft Heinz Foods Co., 3.9%, 5/15/27	(j) (k)	Food		454		454		490
Kraft Heinz Foods Co., 5.0%, 6/4/42	(k)	Food		1,022		998		1,145
L Brands, Inc., 9.4%, 7/1/25	(j)	Retail		498		498		556
L Brands, Inc., 6.7%, 1/15/27	(k)	Retail		241		215		234
Liberty Interactive LLC, 3.8%, 2/15/30	(k)	Media Entertainment		1,277		907		910
Liberty Interactive LLC, 4.0%, 11/15/29	(k)	Media Entertainment		2,273		1,638		1,622
Lloyds Banking Group PLC, 7.5% 9/27/25 (fixed, converts to FRN on 9/27/25)	(k) (m)	Commercial Banks		794		818		841
Marriott Ownership Resorts, Inc., 4.8%, 1/15/28	(j)	Lodging		746		761		696
MEDNAX, Inc., 6.3%, 1/15/27	(j) (k)	Healthcare-Services		933		957		988
Methanex Corp., 5.7%, 12/1/44	(k)	Chemicals		280		272		230
Methanex Corp., 5.3%, 12/15/29	(k)	Chemicals		2,627		2,491		2,547
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.6%, 6/15/25	(j) (k)	Real Estate Investment Trusts		119		119		125
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.8%, 2/1/27	(k)	Real Estate Investment Trusts		2,564		2,715		2,780
Michaels Stores, Inc., 8.0%, 7/15/27	(j) (k)	Retail		803		772		754
Mohawk Capital Finance SA, 1.8%, 6/12/27	(k)	Building Materials	€	400		417		426
Mohawk Industries, Inc., 2.0%, 1/14/22	(k)	Textiles		200		215		226
Natural Resource Partners LP/NRP Finance Corp., 9.1%, 6/30/25	(j) (k)	Coal	$	2,412		2,371		2,044
Navient Corp., 5.6%, 8/1/33	(k)	Diversified Financial Services		1,161		971		989
Nine Energy Service, Inc., 8.8%, 11/1/23	(j) (k)	Oil & Gas Services		370		370		172
Noble Energy, Inc., 5.1%, 11/15/44	(k)	Oil & Gas		292		215		390
NOVA Chemicals Corp., 5.3%, 6/1/27	(j) (k)	Chemicals		1,380		1,385		1,308
NuStar Logistics LP, 5.6%, 4/28/27	(k)	Pipelines		230		212		225
Occidental Petroleum Corp., 8.5%, 7/15/27	(k)	Oil & Gas		458		461		511
Occidental Petroleum Corp., 6.5%, 9/15/36	(k)	Oil & Gas		419		412		420
Occidental Petroleum Corp., 3.5%, 8/15/29	(k)	Oil & Gas		1,120		878		997
Occidental Petroleum Corp., 2.7%, 2/15/23	(k)	Oil & Gas		339		281		326
Occidental Petroleum Corp., 3.5%, 6/15/25	(k)	Oil & Gas		484		345		458
Occidental Petroleum Corp., 3.4%, 4/15/26	(k)	Oil & Gas		997		742		905
Occidental Petroleum Corp., 3.0%, 2/15/27	(k)	Oil & Gas		1,327		971		1,175
Occidental Petroleum Corp., 3.2%, 8/15/26	(k)	Oil & Gas		422		298		385
OneMain Finance Corp., 6.6%, 1/15/28	(k)	Diversified Financial Services		207		206		238
OneMain Finance Corp., 7.1%, 3/15/26	(k)	Diversified Financial Services		615		644		722
Parsley Energy LLC/Parsley Finance Corp., 5.4%, 1/15/25	(j) (k)	Oil & Gas		290		265		300
Parsley Energy LLC/Parsley Finance Corp., 5.3%, 8/15/25	(j) (k)	Oil & Gas		247		218		252
Parsley Energy LLC/Parsley Finance Corp., 5.6%, 10/15/27	(j) (k)	Oil & Gas		1,060		894		1,112
Post Holdings, Inc., 5.5%, 12/15/29	(j) (k)	Food		1,311		1,388		1,440
PTC, Inc., 4.0%, 2/15/28	(j) (k)	Software		514		512		541
Puerto Rico Commonwealth Aqueduct & Sewer Auth., 6.2%, 7/1/38	(k)	Municipal		95		84		91
Puerto Rico Commonwealth Aqueduct & Sewer Auth., 6.1%, 7/1/34	(k)	Municipal		45		38		38
Puerto Rico Electric Power Authority, 10.0%, 1/1/21	(e) (f)	Municipal		61		54		45
Puerto Rico Electric Power Authority, 10.0%, 7/1/21	(e) (f)	Municipal		61		54		45
Puerto Rico Electric Power Authority, 10.0%, 1/1/22	(e) (f)	Municipal		16		14		12
Puerto Rico Electric Power Authority, 10.0%, 7/1/22	(e) (f)	Municipal		16		14		12
Puerto Rico Electric Power Authority, 5.3%, 7/1/19	(e) (f)	Municipal		10		6		7
Puerto Rico Electric Power Authority, 5.0%, 7/1/21	(e) (f)	Municipal		5		3		3

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, 5.0%, 7/1/21	(e) (f)	Municipal	$	60	$	39	$	41
Puerto Rico Electric Power Authority, 5.3%, 7/1/22	(e) (f)	Municipal		55		35		38
Puerto Rico Electric Power Authority, 3.8%, 7/1/22	(e) (f)	Municipal		5		3		3
Puerto Rico Electric Power Authority, 0.9%, 7/1/25	(e) (f)	Municipal		25		18		16
Puerto Rico Electric Power Authority, 5.3%, 7/1/26	(e) (f) (k)	Municipal		355		274		245
Puerto Rico Electric Power Authority, 5.3%, 7/1/26	(e) (f)	Municipal		160		104		110
Puerto Rico Electric Power Authority, 5.0%, 7/1/27	(e) (f) (k)	Municipal		30		23		21
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(e) (f)	Municipal		325		212		224
Puerto Rico Electric Power Authority, 5.3%, 7/1/28	(e) (f)	Municipal		25		16		17
Puerto Rico Electric Power Authority, 5.4%, 7/1/28	(e) (f) (k)	Municipal		1,690		1,269		1,145
Puerto Rico Electric Power Authority, 5.0%, 7/1/29	(e) (f)	Municipal		310		202		213
Puerto Rico Electric Power Authority, 6.0%, 7/1/30	(e) (f)	Municipal		25		16		17
Puerto Rico Electric Power Authority, 0.9%, 7/1/31 (3 mo. USD LIBOR + 0.7%)	(e) (f) (l)	Municipal		95		69		59
Puerto Rico Electric Power Authority, 5.0%, 7/1/32	(e) (f) (k)	Municipal		60		46		41
Puerto Rico Electric Power Authority, 5.3%, 7/1/31	(e) (f)	Municipal		120		78		83
Puerto Rico Electric Power Authority, 6.8%, 7/1/36	(e) (f) (k)	Municipal		445		330		313
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(e) (f)	Municipal		200		126		139
Puerto Rico Electric Power Authority, 5.3%, 7/1/35	(e) (f)	Municipal		15		10		10
Puerto Rico Electric Power Authority, 7.0%, 7/1/43	(e) (f)	Municipal		80		53		56
Puerto Rico Electric Power Authority, 6.1%, 7/1/40	(e) (f)	Municipal		195		122		134
Puerto Rico Electric Power Authority, 6.3%, 7/1/40	(e) (f)	Municipal		5		3		3
Puerto Rico Electric Power Authority, 5.0%, 7/1/20	(e) (f) (k)	Municipal		5		4		3
Puerto Rico Electric Power Authority, 5.0%, 7/1/19	(e) (f)	Municipal		10		8		7
Puerto Rico Electric Power Authority, 0.0%, 7/1/20	(e) (f) (k)	Municipal		95		69		58
Puerto Rico Electric Power Authority, 5.5%, 7/1/20	(e) (f) (k)	Municipal		15		12		10
Puerto Rico Electric Power Authority, 5.3%, 7/1/24	(e) (f) (k)	Municipal		5		4		3
Puerto Rico Electric Power Authority, 5.0%, 7/1/25	(e) (f) (k)	Municipal		5		4		3
Puerto Rico Electric Power Authority, 5.0%, 7/1/28	(e) (f) (k)	Municipal		25		20		17
Puerto Rico Electric Power Authority, 5.3%, 7/1/40	(e) (f) (k)	Municipal		210		152		145
Puerto Rico Electric Power Authority, 5.0%, 7/1/17	(e) (f) (k)	Municipal		15		11		10
Puerto Rico Electric Power Authority, 2.1%, 7/1/17	(e) (f)	Municipal		15		10		9
Puerto Rico Electric Power Authority, 0.0%, 7/1/18	(e) (f)	Municipal		10		7		6
Puerto Rico Electric Power Authority, 5.0%, 7/1/23	(e) (f) (k)	Municipal		15		12		10
Puerto Rico Electric Power Authority, 5.0%, 7/1/24	(e) (f) (k)	Municipal		20		16		13
Puerto Rico Electric Power Authority, 5.0%, 7/1/32	(e) (f) (k)	Municipal		90		73		59
Puerto Rico Electric Power Authority, 5.0%, 7/1/37	(e) (f) (k)	Municipal		150		121		99
Puerto Rico Electric Power Authority, 5.5%, 7/1/21	(e) (f) (k)	Municipal		20		16		13
Puerto Rico Electric Power Authority, 5.0%, 7/1/42	(e) (f) (k)	Municipal		5		4		3
Puerto Rico Electric Power Authority, 5.3%, 7/1/26	(e) (f) (k)	Municipal		20		16		13
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(e) (f) (k)	Municipal		10		8		7
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(e) (f) (k)	Municipal		10		8		7
Puerto Rico Electric Power Authority, 5.4%, 1/1/18	(e) (f) (k)	Municipal		25		20		17
Puerto Rico Electric Power Authority, 5.4%, 7/1/18	(e) (f) (k)	Municipal		20		16		14
Puerto Rico Electric Power Authority, 5.4%, 1/1/20	(e) (f) (k)	Municipal		5		4		4
Puerto Rico Electric Power Authority, 5.0%, 7/1/25	(e) (f) (k)	Municipal		75		59		52
Puerto Rico Electric Power Authority, 5.3%, 7/1/33	(e) (f) (k)	Municipal		615		480		424
Puerto Rico Electric Power Authority, 5.1%, 7/1/42	(e) (f) (k)	Municipal		15		11		10
Puerto Rico Public Buildings Auth., 5.3%, 7/1/42	(e) (f) (k)	Municipal		745		524		512
Puerto Rico Public Buildings Auth., 5.0%, 7/1/18	(e) (f) (k)	Municipal		10		7		7
Puerto Rico Public Buildings Auth., 5.0%, 7/1/20	(e) (f) (k)	Municipal		35		24		24
Puerto Rico Public Buildings Auth., 5.0%, 7/1/21	(e) (f) (k)	Municipal		15		10		10
Puerto Rico Public Buildings Auth., 5.0%, 7/1/22	(e) (f) (k)	Municipal		10		7		7
Puerto Rico Public Buildings Auth., 5.3%, 7/1/23	(e) (f) (k)	Municipal		5		3		4
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.8%, 7/1/53	(k)	Municipal		349		319		372
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 7/1/46	(k) (n)	Municipal		5,185		1,247		1,517
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 7/1/51	(k) (n)	Municipal		1,314		273		277

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.8%, 7/1/53	(k)	Municipal	$	47	$	36	$	50
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.3%, 7/1/40	(k)	Municipal		1,767		1,740		1,845
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.5%, 7/1/53	(k)	Municipal		108		93		114
Quicken Loans, Inc., 5.3%, 1/15/28	(j) (k)	Diversified Financial Services		1,105		1,127		1,197
Royal Bank of Scotland Group Plc, 8.0% 8/10/25 (fixed, converts to FRN on 8/10/25)	(k) (m)	Commercial Banks		1,268		1,318		1,433
Science Applications International Corp., 4.9%, 4/1/28	(j) (k)	Computers		519		519		545
Service Properties Trust, 4.4%, 10/1/24	(k)	Real Estate Investment Trusts		385		345		346
SES GLOBAL Americas Holdings GP, 5.3%, 3/25/44	(j) (k)	Telecommunications		257		241		273
SES SA, 5.3%, 4/4/43	(j) (k)	Telecommunications		100		98		102
SESI LLC, 7.1%, 12/15/21	(j)	Oil & Gas Services		1,591		1,437		640
Shelf Drill Holdings Ltd., 8.3%, 2/15/25	(j) (k)	Oil & Gas		2,402		2,172		920
Sinclair Television Group, Inc., 5.1%, 2/15/27	(j) (k)	Media Entertainment		880		833		864
Sinclair Television Group, Inc., 5.9%, 3/15/26	(j) (k)	Media Entertainment		99		97		100
Sirius XM Radio, Inc., 5.0%, 8/1/27	(j) (k)	Media Entertainment		494		516		527
Sirius XM Radio, Inc., 5.5%, 7/1/29	(j) (k)	Media Entertainment		20		22		22
Southern California Edison Co., 6.3% 2/1/22 (fixed, converts to FRN on 2/1/22)	(k) (m)	Electric		998		989		991
Sprint Capital Corp., 6.9%, 11/15/28	(k)	Telecommunications		428		500		556
Sprint Corp., 7.6%, 3/1/26	(k)	Telecommunications		626		744		783
SRC Energy, Inc., 6.3%, 12/1/25		Oil & Gas		1,153		1,131		1,046
Standard Industries, Inc., 4.8%, 1/15/28	(j) (k)	Building Materials		101		105		108
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/25	(i)	Media Entertainment		813		801		821
Summer (BC) Holdco A S.a.r.l., 9.3%, 10/31/27		Advertising	€	406		454		428
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25	(j) (k)	Coal	$	890		894		822
Tapestry, Inc., 4.1%, 7/15/27	(k)	Apparel		1,214		1,058		1,156
Tapestry, Inc., 4.3%, 4/1/25	(k)	Apparel		824		711		832
Teck Resources Ltd., 6.3%, 7/15/41	(k)	Mining		426		455		477
Teva Pharmaceutical Finance Netherlands II B.V., 4.5%, 3/1/25	(k)	Pharmaceuticals	€	489		515		582
Teva Pharmaceutical Finance Netherlands II B.V., 6.0%, 1/31/25	(k)	Pharmaceuticals		294		333		371
Teva Pharmaceutical Finance Netherlands III B.V., 7.1%, 1/31/25	(j) (k)	Pharmaceuticals	$	1,405		1,495		1,545
Teva Pharmaceutical Finance Netherlands III BV, 6.8%, 3/1/28	(k)	Pharmaceuticals		200		213		222
TransDigm, Inc., 5.5%, 11/15/27		Aerospace/Defense		1,180		1,127		1,122
UniCredit SpA, 5.5%, 6/30/35 (fixed, converts to FRN on 6/30/35)	(j) (k)	Commercial Banks		828		828		853
Vail Resorts, Inc., 6.3%, 5/15/25	(j) (k)	Entertainment		515		517		556
Valaris Plc, 7.8%, 2/1/26		Oil & Gas		56		52		3
Valaris Plc, 7.4%, 6/15/25	(e) (f) (k)	Oil & Gas		14		8		1
Viking Cruises Ltd., 5.9%, 9/15/27	(j) (k)	Leisure Time		424		426		280
Vistra Operations Co. LLC, 5.6%, 2/15/27	(j) (k)	Electric		573		600		616
Vistra Operations Co. LLC, 5.0%, 7/31/27	(j) (k)	Electric		904		926		966
Vistra Operations Co. LLC, 5.5%, 9/1/26	(j) (k)	Electric		209		212		221
Western Midstream Operating LP, 4.7%, 7/1/26	(k)	Pipelines		392		327		403
Western Midstream Operating LP, 4.5%, 3/1/28	(k)	Pipelines		264		202		266
Western Midstream Operating LP, 4.8%, 8/15/28	(k)	Pipelines		56		44		57
Western Midstream Operating LP, 4.1%, 2/1/25	(k)	Pipelines		518		434		518
Western Midstream Operating LP, 5.1%, 2/1/30	(k)	Pipelines		716		549		726
Williams Companies, Inc., 6.3%, 4/15/40	(k)	Pipelines		1,492		1,595		1,940
Williams Companies, Inc., 5.4%, 3/4/44	(k)	Pipelines		54		51		65
WPX Energy, Inc., 4.5%, 1/15/30	(k)	Oil & Gas		425		225		396
WPX Energy, Inc., 5.8%, 6/1/26	(k)	Oil & Gas		110		73		113
WPX Energy, Inc., 5.3%, 10/15/27	(k)	Oil & Gas		282		205		279

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
XPO CNW, Inc., 6.7%, 5/1/34	(k)	Transportation	$	1,029	$	967	$	1,067
XPO Logistics, Inc., 6.3%, 5/1/25	(j) (k)	Transportation		416		440		451
Total Unsecured Bonds						118,078		120,679
Collateralized Loan Obligation (CLO) / Structured Credit—25.6%
Accunia European CLO I B.V., 6.3%, 7/15/30 (3 mo. EURIBOR + 6.3%)	(j) (l)	EUR CLO	€	250		281		267
Accunia European CLO I B.V., 2.7%, 7/15/30 (3 mo. EURIBOR + 2.7%)	(j) (l)	EUR CLO		485		552		566
Accunia European CLO I B.V., 3.6%, 4/20/33 (3 mo. EURIBOR + 3.6%)	(j) (l)	EUR CLO		320		353		354
Accunia European CLO III DAC, 5.3%, 1/20/31 (3 mo. EURIBOR + 5.3%)	(l)	EUR CLO		135		136		138
Accunia European CLO III DAC, 3.1%, 1/20/31 (3 mo. EURIBOR + 3.1%)	(l)	EUR CLO		205		222		224
ACIS CLO 2014-3 Ltd., 3.8%, 2/1/26 (3 mo. USD LIBOR + 3.1%)	(j) (l)	USD CLO	$	495		489		483
ACIS CLO 2017-7 Ltd., 3.4%, 5/1/27 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO		180		180		175
Adagio CLO VIII DAC, 3.8%, 4/15/32 (3 mo. EURIBOR + 3.8%)	(j) (l)	EUR CLO	€	250		277		262
Allegro CLO VII Ltd., 3.1%, 6/13/31 (3 mo. USD LIBOR + 2.9%)	(l)	USD CLO	$	580		520		508
Ammc CLO 19 Ltd., 4.0%, 10/15/28 (3 mo. USD LIBOR + 3.8%)	(j) (l)	USD CLO		205		203		194
Anchorage Capital CLO 4-R Ltd., 2.8%, 1/28/31 (3 mo. USD LIBOR + 2.6%)	(j) (l)	USD CLO		250		238		230
Anchorage Capital Europe CLO 2 DAC, 3.5%, 5/15/31 (3 mo. EURIBOR + 3.5%)	(j) (l)	EUR CLO	€	250		292		281
Anchorage Credit Funding 10 Ltd., 7.1%, 4/25/38	(j)	USD CLO	$	250		234		233
Anchorage Credit Funding 2 Ltd., 7.0%, 4/25/38	(j)	USD CLO		250		231		231
Anchorage Europe Credit Funding 1 DAC, 5.5%, 10/25/36		EUR CLO	€	190		198		199
Ares CLO Ltd., 2.8%, 4/20/30 (3 mo. USD LIBOR + 2.5%)	(j) (l)	USD CLO	$	420		400		379
Ares European CLO IX B.V., 2.4%, 10/14/30 (3 mo. EURIBOR + 2.4%)	(l)	EUR CLO	€	520		544		563
Ares European CLO X B.V., 3.2%, 10/15/31 (3 mo. EURIBOR + 3.2%)	(l)	EUR CLO		225		238		251
Ares XLIX CLO Ltd., 3.3%, 7/22/30 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO	$	250		244		234
Ares XLVIII CLO, 3.0%, 7/20/30 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO		315		303		291
Ares XXXVII CLO Ltd., 2.9%, 10/15/30 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO		250		247		226
Ares XXXVR CLO Ltd., 3.3%, 7/15/30 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		250		250		230
Atrium CDO Corp., 3.2%, 8/23/30 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CDO		250		234		233
Avery Point III CLO Ltd., 5.3%, 1/18/25 (3 mo. USD LIBOR + 5.0%)	(j) (l)	USD CLO		575		575		525
Avoca Capital CLO X Ltd., 3.6%, 1/15/30 (3 mo. EURIBOR + 3.6%)	(l)	EUR CLO	€	365		396		422
Avoca CLO XI Ltd., 5.0%, 7/15/30 (3 mo. EURIBOR + 5.0%)	(l)	EUR CLO		210		224		230
Avoca CLO XIX DAC, 3.2%, 10/15/31 (3 mo. EURIBOR + 3.2%)	(l)	EUR CLO		415		453		454
Avoca CLO XXI DAC, 3.2%, 4/15/33 (3 mo. EURIBOR + 3.2%)	(l)	EUR CLO		240		258		256
Babson Euro CLO 2014-2 B.V., 3.2%, 11/25/29 (3 mo. EURIBOR + 3.2%)	(l)	EUR CLO		100		109		113
Babson Euro CLO 2015-1 B.V., 1.5%, 10/25/29 (3 mo. EURIBOR + 1.5%)	(l)	EUR CLO		305		350		345
Bain Capital EURO CLO 2018-1 DAC, 1.7%, 4/20/32 (3 mo. EURIBOR + 1.7%)	(l)	EUR CLO		170		138		190

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Ballyrock CLO 2018-1 Ltd., 3.4%, 4/20/31 (3 mo. USD LIBOR + 3.2%)	(j) (l)	USD CLO	$	250	$	241	$	245
Ballyrock CLO 2019-2 Ltd., 4.5%, 11/20/30 (3 mo. USD LIBOR + 4.1%)	(j) (l)	USD CLO		465		456		456
Barings CLO 2013-I Ltd., 5.5%, 1/20/28 (3 mo. USD LIBOR + 5.2%)	(j) (l)	USD CLO		380		380		333
Barings CLO Ltd. 2018-III, 3.2%, 7/20/29 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		330		325		291
Battalion CLO IX Ltd., 3.5%, 7/15/31 (3 mo. USD LIBOR + 3.3%)	(j) (l)	USD CLO		460		460		445
Black Diamond CLO 2014-1 Ltd., 5.6%, 10/17/26 (3 mo. USD LIBOR + 5.3%)	(k) (l)	USD CLO		260		258		215
BlackRock European CLO V DAC, 4.4%, 7/16/31 (3 mo. EURIBOR + 4.4%)	(l)	EUR CLO	€	130		137		139
BlueMountain Fuji Eur CLO IV DAC, 4.0%, 3/30/32 (3 mo. EURIBOR + 4.0%)	(l)	EUR CLO		180		165		207
BlueMountain Fuji US CLO III Ltd., 2.7%, 1/15/30 (3 mo. USD LIBOR + 2.4%)	(j) (l)	USD CLO	$	250		235		222
Bosphorus CLO V DAC, 4.8%, 12/12/32 (3 mo. EURIBOR + 4.8%)	(j) (l)	EUR CLO	€	320		354		375
Bowman Park CLO Ltd., 3.7%, 11/23/25 (3 mo. USD LIBOR + 3.4%)	(j) (l)	USD CLO	$	250		229		250
Cairn CLO VI B.V., 3.1%, 7/25/29 (3 mo. EURIBOR + 3.1%)	(l)	EUR CLO	€	135		158		155
Cairn CLO XI DAC, 4.2%, 7/15/35 (3 mo. EURIBOR + 4.2%)	(l)	EUR CLO		625		678		717
California Street CLO XII Ltd., 3.5%, 10/15/25 (3 mo. USD LIBOR + 3.3%)	(j) (l)	USD CLO	$	390		367		386
Carlyle Global Market Strategies CLO 2013-2 Ltd., 2.7%, 1/18/29 (3 mo. USD LIBOR + 2.4%)	(j) (l)	USD CLO		250		236		216
Carlyle Global Market Strategies CLO 2014-4-R Ltd., 3.2%, 7/15/30 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		250		250		214
Carlyle Global Market Strategies Euro CLO 2015-2 DAC, 2.7%, 9/21/29 (3 mo. EURIBOR + 2.7%)	(l)	EUR CLO	€	140		163		158
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, 2.6%, 7/15/30 (3 mo. EURIBOR + 2.6%)	(l)	EUR CLO		275		323		286
Carlyle US CLO 2016-4 Ltd., 3.1%, 10/20/27 (3 mo. USD LIBOR + 2.8%)	(j) (l)	USD CLO	$	280		264		242
Catamaran CLO 2014-1 Ltd., 3.7%, 4/22/30 (3 mo. USD LIBOR + 3.4%)	(j) (l)	USD CLO		250		242		223
Cent CLO 21 Ltd., 3.4%, 7/27/30 (3 mo. USD LIBOR + 3.2%)	(j) (l)	USD CLO		370		355		326
CFIP CLO 2013-1 Ltd., 6.9%, 4/20/29 (3 mo. USD LIBOR + 6.7%)	(j) (l)	USD CLO		470		468		392
CFIP CLO 2014-1 Ltd., 4.4%, 7/13/29 (3 mo. USD LIBOR + 4.1%)	(j) (l)	USD CLO		495		488		459
CFIP CLO 2014-1 Ltd., 6.9%, 7/13/29 (3 mo. USD LIBOR + 6.6%)	(j) (l)	USD CLO		250		249		205
CFIP CLO 2017-1 Ltd., 2.4%, 1/18/30 (3 mo. USD LIBOR + 2.1%)	(j) (l)	USD CLO		285		285		272
CIFC Funding 2012-II-R Ltd., 5.7%, 1/20/28 (3 mo. USD LIBOR + 5.5%)	(j) (l)	USD CLO		250		248		200
CIFC Funding 2013-II Ltd., 3.3%, 10/18/30 (3 mo. USD LIBOR + 3.1%)	(j) (l)	USD CLO		200		195		180
CIFC Funding 2014 Ltd., 3.1%, 1/18/31 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		250		241		216
CIFC Funding 2015-IV Ltd., 4.3%, 10/20/27 (3 mo. USD LIBOR + 4.0%)	(j) (l)	USD CLO		250		250		244
CIFC Funding 2018-III Ltd., 3.1%, 7/18/31 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		250		234		233
CIFC Funding II Ltd., 7.7%, 4/15/33 (3 mo. EURIBOR + 7.7%)	(l)	EUR CLO	€	100		102		102
Clontarf Park CLO DAC, 3.1%, 8/5/30 (3 mo. EURIBOR + 3.1%)	(l)	EUR CLO		435		472		491

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Contego CLO II B.V., 4.9%, 11/15/26 (3 mo. EURIBOR + 5.2%)	(l)	EUR CLO	€	170	$	184	$	187
Contego CLO VII DAC, 4.0%, 5/14/32 (3 mo. EURIBOR + 4.0%)	(l)	EUR CLO		100		85		114
Crown City CLO I, 4.9%, 7/20/30 (3 mo. USD LIBOR + 4.6%)	(j) (l)	USD CLO	$	735		709		720
Crown Point CLO IV Ltd., 3.0%, 4/20/31 (3 mo. USD LIBOR + 2.8%)	(j) (l)	USD CLO		285		263		256
CVC Cordatus Loan Fund III DAV, 4.9%, 8/15/32 (3 mo. EURIBOR + 4.9%)	(l)	EUR CLO	€	145		146		153
CVC Cordatus Loan Fund III DAV, 1.7%, 8/15/32 (3 mo. EURIBOR + 1.7%)	(l)	EUR CLO		100		85		113
CVC Cordatus Loan Fund X DAC, 2.5%, 1/27/31 (3 mo. EURIBOR + 2.5%)	(l)	EUR CLO		190		205		207
CVC Cordatus Loan Fund XI DAC, 3.2%, 10/15/31 (3 mo. EURIBOR + 3.2%)	(l)	EUR CLO		325		351		364
CVC Cordatus Loan Fund XV DAC, 3.8%, 8/26/32 (3 mo. EURIBOR + 3.8%)	(j) (l)	EUR CLO		250		283		291
CVP Cascade CLO-1 Ltd., 3.8%, 1/16/26 (3 mo. USD LIBOR + 3.5%)	(j) (l)	USD CLO	$	310		310		305
CVP Cascade CLO-2 Ltd., 4.1%, 7/18/26 (3 mo. USD LIBOR + 3.8%)	(j) (l)	USD CLO		935		936		891
Dartry Park CLO DAC, 3.0%, 4/28/29 (3 mo. EURIBOR + 3.0%)	(l)	EUR CLO	€	100		116		118
Dryden 29 Euro CLO 2013 B.V., 2.6%, 7/15/32 (3 mo. EURIBOR + 2.6%)	(l)	EUR CLO		255		270		274
Dryden 53 CLO Ltd., 2.7%, 1/15/31 (3 mo. USD LIBOR + 2.4%)	(j) (l)	USD CLO	$	250		229		219
Dryden 59 Euro CLO 2017 B.V., 2.4%, 5/15/32 (3 mo. EURIBOR + 2.4%)	(l)	EUR CLO	€	365		388		375
Dryden Euro CLO, 3.2%, 5/15/30 (3 mo. EURIBOR + 3.2%)	(j) (l)	EUR CLO		250		281		282
Dryden XXV Senior Loan Fund, 3.3%, 10/15/27 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO	$	250		245		225
Dryden XXVI Senior Loan Fund, 3.0%, 4/15/29 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO		250		236		228
East West Investment Management CLO Ltd., 7.7%, 1/20/33 (3 mo. USD LIBOR + 7.4%)	(l)	USD CLO		115		103		87
Elevation CLO 2017-7 Ltd., 3.2%, 7/15/30 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		455		431		408
Eloise SPV Srl, 5.0%, 1/20/35	(i)	EUR CLO	€	838		919		964
Erna Srl, 3.6%, 7/25/31 (3 mo. EURIBOR + 3.6%)	(l)	EUR CLO		231		258		266
Erna Srl, 2.3%, 7/25/31 (3 mo. EURIBOR + 2.3%)	(l)	EUR CLO		792		886		928
Euro-Galaxy III CLO B.V., 3.6%, 1/17/31 (3 mo. EURIBOR + 3.6%)	(l)	EUR CLO		100		81		115
Euro-Galaxy IV CLO B.V., 3.1%, 7/30/30 (3 mo. EURIBOR + 3.1%)	(l)	EUR CLO		280		329		309
Figueroa CLO 2014-1 Ltd., 6.7%, 1/15/27 (3 mo. USD LIBOR + 6.5%)	(j) (l)	USD CLO	$	540		539		472
Figueroa CLO 2014-1 Ltd., 3.5%, 1/15/27 (3 mo. USD LIBOR + 3.3%)	(j) (l)	USD CLO		525		494		525
Galaxy XXIV CLO Ltd., 2.7%, 1/15/31 (3 mo. USD LIBOR + 2.5%)	(l)	USD CLO		550		500		503
Galaxy XXVII CLO Ltd., 3.1%, 5/16/31 (3 mo. USD LIBOR + 2.8%)	(j) (l)	USD CLO		250		228		234
Gallatin CLO VIII 2017-1 Ltd., 5.7%, 7/15/27 (3 mo. USD LIBOR + 5.4%)	(j) (l)	USD CLO		250		250		205
Grosvenor Place CLO 2015-1 B.V., 1.6%, 10/30/29 (3 mo. EURIBOR + 1.6%)	(l)	EUR CLO	€	100		123		114
Grosvenor Place CLO 2015-1 B.V., 2.5%, 10/30/29 (3 mo. EURIBOR + 2.5%)	(l)	EUR CLO		100		118		106
Harvest CLO IX DAC, 5.1%, 2/15/30 (3 mo. EURIBOR + 5.1%)	(l)	EUR CLO		455		491		459
Harvest CLO X DAC, 2.6%, 11/15/28 (3 mo. EURIBOR + 2.9%)	(l)	EUR CLO		390		452		459

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Harvest CLO X DAC, 4.7%, 11/15/28 (3 mo. EURIBOR + 5.0%)	(l)	EUR CLO	€	117	$	139	$	136
Harvest CLO XII DAC, 6.6%, 11/18/30 (3 mo. EURIBOR + 6.6%)	(l)	EUR CLO		175		174		164
Harvest CLO XX DAC, 2.5%, 10/20/31 (3 mo. EURIBOR + 2.5%)	(l)	EUR CLO		100		115		117
Harvest CLO XXII DAC, 4.0%, 1/15/32 (3 mo. EURIBOR + 4.0%)	(l)	EUR CLO		365		409		395
Hayfin Emerald CLO III DAC, 4.0%, 10/15/32 (3 mo. EURIBOR + 4.0%)	(j) (l)	EUR CLO		250		278		276
Hayfin Emerald CLO IV DAC, 0.0%, 2/15/33 (3 mo. EURIBOR + 6.5%)	(j) (l)	EUR CLO		250		274		285
Highbridge Loan Management 4-2014 Ltd., 2.8%, 1/28/30 (3 mo. USD LIBOR + 2.6%)	(j) (l)	USD CLO	$	261		242		234
Highbridge Loan Management 7-2015 Ltd., 5.4%, 3/15/27 (3 mo. USD LIBOR + 5.0%)	(j) (l)	USD CLO		250		246		205
ICG US CLO 2016-1 Ltd., 3.3%, 7/29/28 (3 mo. USD LIBOR + 3.1%)	(j) (l)	USD CLO		250		247		218
Jamestown CLO IV Ltd., 2.9%, 7/15/26 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO		300		283		297
Jamestown CLO IX Ltd., 2.9%, 10/20/28 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO		250		230		248
Jamestown CLO V Ltd., 4.0%, 1/17/27 (3 mo. USD LIBOR + 3.8%)	(j) (l)	USD CLO		815		812		792
Jamestown CLO VII Ltd., 2.8%, 7/25/27 (3 mo. USD LIBOR + 2.6%)	(j) (l)	USD CLO		250		231		229
Jamestown CLO X Ltd., 4.0%, 7/17/29 (3 mo. USD LIBOR + 3.7%)	(j) (l)	USD CLO		250		245		232
Jubilee CLO 2014-XII B.V., 2.9%, 4/15/30 (3 mo. EURIBOR + 2.9%)	(l)	EUR CLO	€	155		175		169
Jubilee CLO 2015-XVI B.V., 6.9%, 12/15/29 (3 mo. EURIBOR + 6.9%)	(l)	EUR CLO		250		284		251
Jubilee CLO 2017-XVIII B.V., 3.1%, 1/15/30 (3 mo. EURIBOR + 3.1%)	(l)	EUR CLO		200		228		220
KVK CLO 2013-1 Ltd., 6.2%, 1/14/28 (3 mo. USD LIBOR + 5.9%)	(j) (l)	USD CLO	$	500		497		394
KVK CLO 2016-1 Ltd., 4.7%, 1/15/29 (3 mo. USD LIBOR + 4.4%)	(j) (l)	USD CLO		590		546		561
Madison Park Euro Funding XIV DAC, 3.6%, 7/15/32 (3 mo. EURIBOR + 3.6%)	(j) (l)	EUR CLO	€	285		318		318
Magnetite XX Ltd., 2.8%, 4/20/31 (3 mo. USD LIBOR + 2.5%)	(j) (l)	USD CLO	$	250		245		231
Man GLG US CLO 2018-2 Ltd., 3.8%, 10/15/28 (3 mo. USD LIBOR + 3.5%)	(j) (l)	USD CLO		510		508		465
Marble Point CLO XII Ltd., 3.3%, 7/16/31 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		250		243		213
Midocean Credit CLO VIII, 3.3%, 2/20/31 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		250		234		226
Mountain View CLO 2016-1 LLC, 2.7%, 4/14/33 (3 mo. USD LIBOR + 2.5%)	(j) (l)	USD CLO		250		219		241
MP CLO III Ltd., 3.3%, 10/20/30 (3 mo. USD LIBOR + 3.1%)	(j) (l)	USD CLO		250		244		223
MP CLO VII Ltd., 3.2%, 10/18/28 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		250		250		224
Mulberry Street CDO II Ltd., 2.3%, 8/12/38 (6 mo. USD LIBOR + 0.6%)	(j) (l)	USD CLO		1,137		721		707
Neuberger Berman CLO XX Ltd., 2.7%, 1/15/28 (3 mo. USD LIBOR + 2.4%)	(j) (l)	USD CLO		250		250		234
Newark BSL CLO 2 Ltd., 3.9%, 7/25/30 (3 mo. USD LIBOR + 3.7%)	(j) (l)	USD CLO		500		503		487
Newfeet CLO 2016-1 Ltd., 3.2%, 4/20/28 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		450		450		431
Niagara Park CLO Ltd., 2.1%, 7/17/32 (3 mo. USD LIBOR + 1.8%)	(j) (l)	USD CLO		250		250		245

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Northwoods Capital 19 Euro DAC, 6.6%, 11/25/33 (3 mo. EURIBOR + 6.6%)	(l)	EUR CLO	€	240	$	263	$	263
OAK Hill European Credit Partners V Designated Activity Co., 6.2%, 2/21/30 (3 mo. EURIBOR + 6.2%)	(l)	EUR CLO		145		163		160
Oaktree CLO 2014-1, 3.2%, 5/13/29 (3 mo. USD LIBOR + 2.7%)	(j) (l)	USD CLO	$	285		285		260
Oaktree CLO 2020-1 Ltd., 6.3%, 7/15/29 (3 mo. USD LIBOR + 5.9%)	(j) (l)	USD CLO		395		381		375
Ocean Trails CLO IV, 5.5%, 8/13/25 (3 mo. USD LIBOR + 5.1%)	(j) (l)	USD CLO		930		927		930
Ocean Trails CLO VI, 3.9%, 7/15/28 (3 mo. USD LIBOR + 3.7%)	(j) (l)	USD CLO		360		360		341
OCP CLO 2015-8 Ltd., 5.8%, 4/17/27 (3 mo. USD LIBOR + 5.5%)	(l)	USD CLO		345		333		333
Octagon Investment Partners XI Ltd., 4.3%, 7/15/29 (3 mo. USD LIBOR + 4.0%)	(j) (l)	USD CLO		250		247		235
Octagon Investment Partners XIX Ltd., 3.8%, 4/15/26 (3 mo. USD LIBOR + 3.5%)	(j) (l)	USD CLO		250		248		249
Octagon Investment Partners XV Ltd., 4.0%, 7/19/30 (3 mo. USD LIBOR + 3.7%)	(j) (l)	USD CLO		250		242		233
OHA Credit Partners 2013-9 Class A Ltd., 5.3%, 10/20/25 (3 mo. USD LIBOR + 5.0%)	(l)	USD CLO		617		604		619
Orwell Park CLO Designated Activity Co., 4.5%, 7/18/29 (3 mo. EURIBOR + 4.5%)	(l)	EUR CLO	€	100		118		116
OZLM Funding Ltd., 3.9%, 7/22/29 (3 mo. USD LIBOR + 3.6%)	(j) (l)	USD CLO	$	315		307		295
OZLM VIII Ltd., 3.4%, 10/17/29 (3 mo. USD LIBOR + 3.2%)	(j) (l)	USD CLO		490		470		454
OZLM XIII Ltd., 3.3%, 7/30/27 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		250		246		231
OZLM XIX Ltd., 3.4%, 11/22/30 (3 mo. USD LIBOR + 3.1%)	(j) (l)	USD CLO		250		223		220
OZLM XVI Ltd., 3.9%, 5/16/30 (3 mo. USD LIBOR + 3.6%)	(j) (l)	USD CLO		250		243		227
OZLM XX Ltd., 3.2%, 4/20/31 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		515		495		462
OZLME II DAC, 6.5%, 10/15/30 (3 mo. EURIBOR + 6.5%)	(l)	EUR CLO	€	100		42		99
Palmer Square CLO 2019-1 Ltd., 3.4%, 4/20/27 (3 mo. USD LIBOR + 3.2%)	(j) (l)	USD CLO	$	320		320		315
Palmer Square Loan Funding 2019-2 Ltd., 5.8%, 4/20/27 (3 mo. USD LIBOR + 5.5%)	(j) (l)	USD CLO		250		227		229
Palmer Square Loan Funding 2019-3 Ltd., 5.7%, 8/20/27 (3 mo. USD LIBOR + 5.4%)	(j) (l)	USD CLO		250		220		220
Parallel 2018-1 Ltd., 3.1%, 4/20/31 (3 mo. USD LIBOR + 2.8%)	(j) (l)	USD CLO		274		252		238
Penta CLO 2 B.V., 3.0%, 8/4/28 (3 mo. EURIBOR + 3.0%)	(l)	EUR CLO	€	290		312		332
Penta CLO 6 DAC, 3.9%, 7/25/32 (3 mo. EURIBOR + 3.9%)	(j) (l)	EUR CLO		425		483		485
Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc., 0.8%, 3/22/38 (3 mo. USD LIBOR + 0.5%)	(j) (l)	USD CDO	$	437		340		282
Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc., 0.7%, 3/22/38 (3 mo. USD LIBOR + 0.4%)	(j) (l)	USD CDO		1,680		1,371		1,184
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., 0.7%, 3/22/37 (3 mo. USD LIBOR + 0.4%)	(j) (l)	USD CDO		430		332		289
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., 0.7%, 9/22/37 (3 mo. USD LIBOR + 0.4%)	(j) (l)	USD CDO		269		216		167
Purple Finance CLO 2 DAC, 4.1%, 4/20/32 (3 mo. EURIBOR + 4.1%)	(l)	EUR CLO	€	330		356		377
Purple Finance CLO 2 DAC, 4.1%, 4/20/32 (3 mo. EURIBOR + 4.1%)	(j) (l)	EUR CLO		360		398		408

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Regatta X Funding Ltd., 3.0%, 1/17/31 (3 mo. USD LIBOR + 2.8%)	(j) (l)	USD CLO	$	250	$	231	$	233
Regatta XI Funding Ltd., 3.1%, 7/17/31 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		250		250		240
Rockford Tower Europe CLO 2019-1 DAC, 3.7%, 1/20/33 (3 mo. EURIBOR + 3.7%)	(l)	EUR CLO	€	840		914		952
SCOF-2 Ltd., 3.3%, 7/15/28 (3 mo. USD LIBOR + 3.1%)	(j) (l)	USD CLO	$	250		242		220
SCOF-2 Ltd., 6.0%, 7/15/28 (3 mo. USD LIBOR + 5.7%)	(j) (l)	USD CLO		250		243		206
Shackleton 2017-XI CLO Ltd., 4.0%, 8/15/30 (3 mo. USD LIBOR + 3.7%)	(j) (l)	USD CLO		250		248		229
Smeralda SPV Srl, 5.3%, 12/22/34	(i)	EUR CLO	€	884		970		1,023
Sorrento Park CLO DAC, 2.7%, 11/16/27 (3 mo. EURIBOR + 3.0%)	(l)	EUR CLO		250		285		294
Sound Point CLO XII Ltd., 4.1%, 10/20/28 (3 mo. USD LIBOR + 3.9%)	(j) (l)	USD CLO	$	355		356		323
Sound Point CLO XXIII, 2.3%, 4/15/32 (3 mo. USD LIBOR + 2.0%)	(j) (l)	USD CLO		385		386		374
Sound Point CLO XXVI Ltd., 7.4%, 7/20/30 (3 mo. USD LIBOR + 7.1%)	(j) (l)	USD CLO		265		251		239
Sound Point Euro CLO I Funding DAC, 6.2%, 4/25/32 (3 mo. EURIBOR + 6.2%)	(j) (l)	EUR CLO	€	250		193		271
St Paul's CLO III-R DAC, 1.6%, 1/15/32 (3 mo. EURIBOR + 1.6%)	(l)	EUR CLO		100		94		112
St Paul's CLO VII DAC, 3.6%, 4/30/30 (3 mo. EURIBOR + 3.6%)	(l)	EUR CLO		210		232		237
St Paul's CLO XI DAC, 6.0%, 1/17/32 (3 mo. EURIBOR + 6.0%)	(l)	EUR CLO		250		266		275
Steele Creek CLO 2017-1 Ltd., 3.2%, 10/15/30 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO	$	250		247		210
Sudbury Mill CLO Ltd., 3.8%, 1/17/26 (3 mo. USD LIBOR + 3.5%)	(j) (l)	USD CLO		505		501		487
Symphony CLO XIX Ltd., 2.8%, 4/16/31 (3 mo. USD LIBOR + 2.6%)	(j) (l)	USD CLO		250		248		226
Symphony CLO XVII Ltd., 5.8%, 4/15/28 (3 mo. USD LIBOR + 5.6%)	(j) (l)	USD CLO		485		478		424
Taurus Finance DAC, 1.4%, 11/18/31 (3 mo. EURIBOR + 1.4%)	(l)	EUR CLO	€	160		165		188
THL Credit Wind River 2012-1 CLO Ltd., 4.0%, 1/15/26 (3 mo. USD LIBOR + 3.7%)	(j) (l)	USD CLO	$	250		249		246
THL Credit Wind River 2017-1 CLO Ltd., 4.0%, 4/18/29 (3 mo. USD LIBOR + 3.8%)	(j) (l)	USD CLO		335		332		335
TICP CLO, Ltd., 3.2%, 4/20/28 (3 mo. USD LIBOR + 3.0%)	(j) (l)	USD CLO		250		245		229
Tikehau CLO B.V., 4.6%, 8/4/28 (3 mo. EURIBOR + 4.6%)	(l)	EUR CLO	€	170		198		176
Tikehau CLO B.V., 2.4%, 8/4/28 (3 mo. EURIBOR + 2.4%)	(l)	EUR CLO		165		193		177
Toro European CLO 2 DAC, 3.3%, 10/15/30 (3 mo. EURIBOR + 3.3%)	(l)	EUR CLO		270		293		289
Toro European CLO IV DAC, 3.2%, 7/15/30 (3 mo. EURIBOR + 3.2%)	(l)	EUR CLO		145		158		160
Trinitas CLO VII Ltd., 3.7%, 1/25/31 (3 mo. USD LIBOR + 3.5%)	(j) (l)	USD CLO	$	250		229		223
Tymon Park CLO DAC, 6.8%, 1/21/29 (3 mo. EURIBOR + 6.8%)	(l)	EUR CLO	€	250		285		263
Tymon Park CLO Ltd., 4.6%, 1/21/29 (3 mo. EURIBOR + 4.6%)	(l)	EUR CLO		100		121		115
Venture CDO Ltd., 4.5%, 4/20/29 (3 mo. USD LIBOR + 4.2%)	(j) (l)	USD CDO	$	135		135		123
Wellfleet CLO 2016-1 Ltd., 3.2%, 4/20/28 (3 mo. USD LIBOR + 2.9%)	(j) (l)	USD CLO		250		249		223
Whitebox CLO I Ltd., 4.6%, 7/24/32 (3 mo. USD LIBOR + 4.4%)	(j) (l)	USD CLO		645		638		641
WhiteHorse VIII Ltd., 2.6%, 5/1/26 (3 mo. USD LIBOR + 2.0%)	(j) (l)	USD CLO		250		231		243

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
York CLO-3 Ltd., 2.7%, 10/20/29 (3 mo. USD LIBOR + 2.5%)	(l)	USD CLO	$	288	$	288	$	283
Total Collateralized Loan Obligation / Structured Credit						62,159		60,643
Emerging Markets Debt—3.6%
Argentine Republic Government International Bond, 6.3%, 11/9/47	(k)	Sovereign	€	1,000		447		476
Bioceanico Sovereign Certificate Ltd., 0.0%, 6/5/34	(k) (n)	Engineering & Construction	$	705		495		511
Egypt Government International Bond, 5.8%, 5/29/24	(k)	Sovereign		200		202		202
Egypt Government International Bond, 5.8%, 5/29/24	(j)	Sovereign		420		420		424
Petroleos Mexicanos, 6.8%, 1/23/30	(k)	Oil & Gas		480		428		447
Petroleos Mexicanos, 6.5%, 1/23/27	(k)	Oil & Gas		2,439		2,247		2,332
Petroleos Mexicanos, 3.5%, 1/30/23	(k)	Oil & Gas		170		162		165
Petroleos Mexicanos, 6.5%, 3/13/27	(k)	Oil & Gas		1,225		1,178		1,169
Provincia de Buenos Aires/Government Bond, 5.4%, 1/20/23	(k)	Provincial	€	300		142		145
Provincia de Buenos Aires/Government Bond, 9.1%, 3/16/24	(k)	Provincial	$	500		221		221
Provincia de Buenos Aires/Government Bond, 4.0%, 5/15/35	(k)	Provincial	€	1,000		489		493
Romanian Government International Bond, 3.4%, 1/28/50	(k)	Sovereign		262		321		317
Romanian Government International Bond, 4.6%, 4/3/49	(k)	Sovereign		324		464		459
Turkey Government International Bond, 4.9%, 4/16/43	(k)	Sovereign	$	1,480		1,159		1,123
Total Emerging Markets Debt						8,375		8,484

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Preferred Equity—0.1%
Verscend Technologies, Inc., 12.3%	(i)	Software		200		194		206
Total Preferred Equity						194		206

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Convertible Preferred Stocks—0.0%
Northern Oil and Gas, Inc., 6.5%	(j) (k) (m)	Oil & Gas		2		231		112
Total Convertible Preferred Stocks						231		112

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Common Equity—0.3%
ATD New Holdings, Inc.	(f)	Commercial Services		4,098		75		60
Camaieu New, Classes A-J	(f)	Apparel		10,604,587		450		6
Camaieu New, Warrants	(f)	Apparel		1,279,509		—		—
Hexion Holdings Corp., Class B	(f)	Chemicals		14,672		193		98
Hexion Holdings Corp., Warrants	(f)	Chemicals		16,226		227		111
Quorum Health Corp.	(f) (i)	Healthcare-Services		48,950		492		488
Total Common Equity						1,437		763
TOTAL INVESTMENTS—118.8%					$	285,734	$	281,300
LIABILITIES IN EXCESS OF OTHER ASSETS—(18.8)%(o)								(44,509	)
NET ASSETS—100.0%							$	236,791
Shares outstanding at period end (Class A)								714,307
Net asset value per common share at period end (Class A)							$	12.27
Shares outstanding at period end (Class I)								16,152,859
Net asset value per common share at period end (Class I)							$	12.31
Shares outstanding at period end (Class T)								102,346
Net asset value per common share at period end (Class T)							$	12.30
Shares outstanding at period end (Class U)								2,283,181
Net asset value per common share at period end (Class U)							$	12.26

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Forward Foreign Currency Exchange Contracts  

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
State Street Bank and Trust Company	12/16/20	USD	395	EUR	352	$	—	$	21
State Street Bank and Trust Company	12/16/20	USD	790	EUR	704		—		42
State Street Bank and Trust Company	12/16/20	USD	646	EUR	576		—		35
State Street Bank and Trust Company	12/16/20	USD	801	EUR	714		—		43
State Street Bank and Trust Company	12/16/20	USD	447	EUR	378		—		—
State Street Bank and Trust Company	12/16/20	USD	254	EUR	215		—		—
JPMorgan Chase Bank, N.A.	12/16/20	USD	183	EUR	155		—		—
JPMorgan Chase Bank, N.A.	12/16/20	USD	1,290	EUR	1,097		—		6
JPMorgan Chase Bank, N.A.	12/16/20	USD	174	EUR	148		—		1
State Street Bank and Trust Company	12/16/20	USD	463	EUR	399		—		8
State Street Bank and Trust Company	12/16/20	USD	597	EUR	515		—		11
State Street Bank and Trust Company	12/16/20	USD	208	EUR	180		—		4
State Street Bank and Trust Company	12/16/20	USD	150	EUR	131		—		4
State Street Bank and Trust Company	12/16/20	USD	226	EUR	197		—		7
State Street Bank and Trust Company	12/16/20	USD	116	EUR	102		—		4
State Street Bank and Trust Company	12/16/20	USD	82	EUR	72		—		3
State Street Bank and Trust Company	12/16/20	USD	3,107	EUR	2,748		—		139
State Street Bank and Trust Company	12/16/20	USD	1,226	EUR	1,087		—		58
JPMorgan Chase Bank, N.A.	12/16/20	USD	64	EUR	57		—		3
State Street Bank and Trust Company	12/16/20	USD	10	EUR	9		—		1
JPMorgan Chase Bank, N.A.	12/16/20	USD	377	GBP	299		—		15
JPMorgan Chase Bank, N.A.	12/16/20	USD	32	GBP	25		—		1
JPMorgan Chase Bank, N.A.	12/16/20	USD	495	GBP	393		—		20
State Street Bank and Trust Company	12/16/20	USD	9	GBP	7		—		—
State Street Bank and Trust Company	12/16/20	USD	458	GBP	363		—		18
State Street Bank and Trust Company	12/16/20	EUR	607	USD	685		32		—
State Street Bank and Trust Company	12/16/20	EUR	697	USD	784		39		—
State Street Bank and Trust Company	12/16/20	EUR	603	USD	678		34		—
State Street Bank and Trust Company	12/16/20	EUR	826	USD	941		35		—
State Street Bank and Trust Company	12/16/20	EUR	785	USD	891		36		—
State Street Bank and Trust Company	12/16/20	GBP	403	USD	499		29		—
Total Forward Foreign Currency Exchange Contracts						$	205	$	444

Futures Contracts  

Description	Number of Contracts		Position		Expiration  Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Futures
Euro-Bund Futures		3		Short	9/8/20	$	623	$	—	$	2
U.S 10-Year Treasury Note		15		Short	9/21/20		2,084		—		17
Total Interest Rate Futures Contracts								$	—	$	19

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Cross-Currency Swaps

Counterparty

Fund Pays

Fund Receives

Notional Amount of Currency Delivered

Notional Amount of Currency Received

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.195%)

3 Month USD LIBOR

EUR 794

USD914

10/5/23

Quarterly

$

(18

)

$

—

$

18

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.2335%)

3 Month USD LIBOR

EUR 464

USD541

6/1/23

Quarterly

(3

)

—

3

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.16375%)

3 Month USD LIBOR

EUR 4,468

USD5,207

7/20/23

Quarterly

(50

)

—

50

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.19%)

3 Month USD LIBOR

EUR 720

USD818

8/20/23

Quarterly

$

(27

)

$

—

$

27

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.1435%)

3 Month USD LIBOR

EUR 1,977

USD2,249

12/3/23

Quarterly

(77

)

—

77

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.10375%)

3 Month USD LIBOR

EUR 1,857

USD2,090

3/29/21

Quarterly

(96

)

—

96

JPMorgan Chase Bank, N.A.

3 Month GBP LIBOR plus a spread of 0.03325%

3 Month USD LIBOR

GBP 305

USD405

3/18/21

Quarterly

5

5

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.176%)

3 Month USD LIBOR

EUR 4,872

USD5,483

7/12/21

Quarterly

(248

)

—

248

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.1750%)

3 Month USD LIBOR

EUR 494

USD547

9/16/21

Quarterly

(35

)

—

35

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.11%)

3 Month USD LIBOR

EUR 5,456

USD6,025

11/12/21

Quarterly

(390

)

—

390

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month USD LIBOR

EUR 347

USD418

1/16/23

Quarterly

11

11

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month USD LIBOR

EUR 1,209

USD1,455

1/16/23

Quarterly

39

39

—

Total Cross-Currency Swaps

$

(889

)

$

55

$

944

Interest Rate Swaps

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	0.66%	3 Month LIBOR	USD 53	1/13/31	Semi-Annually	$	(1	)	$	—	$	1
JPMorgan Chase Bank, N.A.	0.68%	3 Month LIBOR	USD 1,391	10/20/30	Semi-Annually		(18	)		—		18
Total Interest Rate Swaps						$	(19	)	$	—	$	19

Total Return Debt Swaps⁽ⁱ⁾

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Artisan at Salado Heights, 5.80%, 5/1/50), Series 2006	USD 700	12/1/21	Monthly	$	21	$	21	$	—

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Santora Villas Apartments, 5.80%, 5/1/47), Series 2007	USD 619	6/1/24	Monthly	$	14	$	14	$	—
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	City of Los Angeles Multifamily Housing Revenue Bonds (Windward Preservation Apartments, 5.85%, 10/1/44), Series 2006C	USD 403	6/1/22	Monthly		8		8		—
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Carver Apartments Project, 5.88%, 10/1/49), Series 2006	USD 369	6/1/23	Monthly		3		3		—
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	Sacramento Housing Authority Multifamily Revenue Bonds (Willow Glen Apartments, 5.75%, 4/1/56), Series 2007F	USD 247	12/1/24	Monthly		2		2		—
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (La Mission Village Apartments Project, 5.75%, 5/1/49), Series 2006Q	USD 223	9/1/23	Monthly		1		1		—

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Parkview Senior Apartments Project, 5.75%, 2/1/49), Series 2005U

USD 178

9/1/22

Monthly

$

—

$

—

$

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Massachusetts Development Finance Agency Housing Revenue Bonds (East Canton Apartments Project, 5.90%, 5/1/55) Series 006A

USD 587

12/1/23

Monthly

(1

)

—

1

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Rose of Sharon Senior Homes, 5.85%, 3/1/45) Series 2006PP

USD 273

6/1/23

Monthly

(1

)

—

1

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Galen Terrace Apartments Project, 6.00%, 2/1/49), Series 2006

USD 221

3/1/22

Monthly

(3

)

—

3

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

South Carolina State Housing Finance and Development Authority Multifamily Housing Revenue Bonds Wyndham Pointe Apartments Project, 6.60%, 9/1/48), Series 2004

USD 362

12/1/21

Monthly

(3

)

—

3

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Churchill at Pinnacle Park, 6.55%, 7/1/44), Series 2004

USD 494

9/1/21

Monthly

$

(6

)

$

—

$

6

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Louisiana Housing Finance Agency Multifamily Housing Revenue Bonds (The Crossings Apartments, 6.15%, 5/1/48) Series 2006

USD 374

6/1/23

Monthly

(8

)

—

8

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

City of Roseville, Minnesota Multifamily Housing Revenue Bonds (Centennial Apartments Project, 5.75%, 1/1/51) Series 2007

USD 609

9/1/24

Monthly

(8

)

—

8

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

City of Los Angeles Multifamily Housing Revenue Bonds (Lexington Preservation Apartments, 6.50%, 9/1/43), Series 2005D

USD 439

6/1/23

Monthly

(9

)

—

9

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (The Villas at Costa Cadiz, 6.50%, 1/1/49), Series 2004

USD 409

12/1/23

Monthly

(9

)

—

9

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Houston Housing Finance Corporation Multifamily Housing Revenue Bonds (Kensington Place Apartments, 6.50%, 2/1/48), Series 2004

USD 631

9/1/21

Monthly

(20

)

—

20

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2020 (in thousands, except share and per share amounts)

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Costa Miranda Apartments Project, 6.10%, 10/1/50), Series 2006	USD 601	12/1/23	Monthly	$	(92	)	$	—	$	92
Total Total Return Debt Swaps						$	(111	)	$	49	$	160

(a)	Security may be an obligation of one or more entities affiliated with the named company.
(b)	Denominated in U.S. dollars unless otherwise noted.
(c)	Fair value is determined by the board of trustees of FS Credit Income Fund (the “Fund”). For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent audited financial statements.
(d)	Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of July 31, 2020, the one-month, three-month, and six-month London Interbank Offered Rate ("LIBOR" or “L”) was 0.15%, 0.25% and 0.31%, respectively, the three-month Euro Interbank Offered Rate ("EURIBOR" or “E”) was (0.46)%, and the prime rate ("Prime" or "P") was 3.25%.
(e)	Security is in default.
(f)	Security is non-income producing.
(g)	Position or portion thereof unsettled as of July 31, 2020.
(h)	Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.
(i)	Security is classified as Level 3 in the Fund’s fair value hierarchy (See Notes to Unaudited Schedule of Investments).
(j)	Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $129,648, which represents approximately 54.8% of net assets as of July 31, 2020.
(k)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd. ("BNP"). Securities may be rehypothecated from time to time as permitted under Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to terms and conditions governing the prime brokerage facility with BNP. As of July 31, 2020, there were no securities rehypothecated by BNP.
(l)	Variable rate security. The stated interest rate represents the rate in effect at July 31, 2020.
(m)	The security has a perpetual maturity; the date displayed is the next call date.
(n)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(o)	Includes the effect of forward foreign currency exchange contracts, futures contracts and swap contracts.

EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
FRN	- Floating Rate Note
GBP	- British Pound
LIBOR	- London Interbank Offered Rate
PIK	- Payment In Kind
SIFMA	- Securities Industry and Financial Markets Association
USD	- U.S. Dollar

See notes to unaudited schedule of investments.

FS Credit Income Fund 

Notes to Unaudited Schedule of Investments  

As of July 31, 2020  (in thousands)

Investment Portfolio

The information contained in this section should be read in conjunction with the Fund’s audited financial statements contained in its annual report for the fiscal year ended October 31, 2019.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of July 31, 2020:

	Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	39,897	$	36,855		13	%
Senior Secured Loans—Second Lien		3,671		2,929		1	%
Senior Secured Bonds		51,692		50,629		18	%
Unsecured Bonds		118,078		120,679		43	%
Collateralized Loan Obligation (CLO) / Structured Credit		62,159		60,643		22	%
Emerging Markets Debt		8,375		8,484		3	%
Preferred Equity		194		206		0	%
Convertible Preferred Stocks		231		112		0	%
Common Equity		1,437		763		0	%
Total	$	285,734	$	281,300		100	%

⁽¹⁾ Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Fund would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of July 31, 2020, the Fund did not “control” any of its portfolio companies and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act. As of July 31, 2020, the Fund had unfunded commitments of $102.

The Fund’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit or revolving credit facilities, or other investments, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. The Fund maintains sufficient cash on hand, available borrowings and liquid securities to fund any unfunded commitments should the need arise.

FS Credit Income Fund 

Notes to Unaudited Schedule of Investments (continued) 

As of July 31, 2020 (in thousands)

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of July 31, 2020:

Industry Classification	Fair Value		Percentage of Portfolio
USD CLO	$	35,319		13	%
Oil & Gas		28,033		10	%
EUR CLO		23,046		8	%
Telecommunications		19,492		7	%
Pharmaceuticals		14,765		5	%
Media Entertainment		12,427		4	%
Pipelines		11,250		4	%
Retail		10,414		4	%
Electric		9,797		3	%
Chemicals		9,346		3	%
Municipal		8,936		3	%
Healthcare-Services		6,929		2	%
Entertainment		6,909		2	%
Auto Manufacturers		6,527		2	%
Real Estate Investment Trusts		5,938		2	%
Leisure Time		5,903		2	%
Mining		4,945		2	%
Internet		4,793		2	%
Lodging		4,780		2	%
Software		4,716		2	%
Commercial Banks		4,656		2	%
Diversified Financial Services		4,307		2	%
Food		4,223		2	%
Other		33,849		12	%
Total	$	281,300		100	%

Under existing accounting guidance, fair value is defined as the price that the Fund would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

The Fund classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

FS Credit Income Fund 

Notes to Unaudited Schedule of Investments (continued) 

As of July 31, 2020 (in thousands)

As of July 31, 2020, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy: 

Asset Description	Level 1			Level 2			Level 3			Total
Senior Secured Loans—First Lien	$	—		$	36,855		$	—		$	36,855
Senior Secured Loans—Second Lien		—			1,212			1,717			2,929
Senior Secured Bonds		—			50,629			—			50,629
Unsecured Bonds		—			119,858			821			120,679
Collateralized Loan Obligation (CLO) / Structured Credit		—			58,656			1,987			60,643
Emerging Markets Debt		—			8,484			—			8,484
Preferred Equity		—			—			206			206
Convertible Preferred Stocks		112			—			—			112
Common Equity		269			6			488			763
Total Investments		381			275,700			5,219			281,300
Forward Foreign Currency Exchange Contracts		—			205			—			205
Cross-Currency Swaps		—			55			—			55
Total Return Debt Swaps		—			—			49			49
Total Assets	$	381		$	275,960		$	5,268		$	281,609
Liability Description
Cross-Currency Swaps	$	—		$	(944	)	$	—		$	(944	)
Forward Foreign Currency Exchange Contracts		—			(444	)		—			(444	)
Interest Rate Futures		(19	)		—			—			(19	)
Interest Rate Swaps		—			(19	)		—			(19	)
Total Return Debt Swaps		—			—			(160	)		(160	)
Total Liabilities	$	(19	)	$	(1,407	)	$	(160	)	$	(1,586	)

The following is a reconciliation for the nine months ended July 31, 2020 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Senior Secured Loans—  Second Lien			Unsecured Bonds			Collateralized Loan Obligation (CLO)/ Structured Credit			Preferred Equity		Common Equity			Total
Fair value at beginning of period	$	1,900		$	852		$	2,370		$	204	$	—		$	5,326
Accretion of discount (amortization of premium)		4			—			—			—		—			4
Realized gain (loss)		2			—			(242	)		—		—			(240	)
Net change in unrealized appreciation (depreciation)		(6	)		(31	)		54			2		(4	)		15
Purchases		1,717			—			893			—		492			3,102
Sales		(1,900	)		—			(617	)		—		—			(2,517	)
Net transfers in or out of Level 3		—			—			(471	)		—		—			(471	)
Fair value at end of period	$	1,717		$	821		$	1,987		$	206	$	488		$	5,219
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	—		$	(31	)	$	54		$	2	$	(4	)	$	21

FS Credit Income Fund 

Notes to Unaudited Schedule of Investments (continued) 

As of July 31, 2020 (in thousands)

The following is a reconciliation for the nine months ended July 31, 2020 of the total return debt swaps for which significant unobservable inputs (Level 3) were used in determining fair value:

Fair value at beginning of period	$	139
Accretion of discount (amortization of premium)		—
Realized gain (loss)		195
Net change in unrealized appreciation (depreciation)		(250	)
Sales and repayments		—
Net transfers in or out of Level 3		(195	)
Fair value at end of period	$	(111	)
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(250	)